First Citizens Bank's Acquisition of Silicon Valley Bank Assets Sparks Optimism in Stock Futures.
TL;DR
First Citizens Bancshares acquired Silicon Valley Bank's deposits and loans at a discount of $16.5 billion, with the FDIC agreeing to share any future losses or gains on those loans. The FDIC also provided a line of credit to First Citizens for "contingent liquidity purposes." The total hit to the FDIC's deposit insurance fund will be $20 billion. The deal making by regulators is the latest example of how much government intervention has been required to get the current banking crisis under control.
Topics:businessfinance#banking-crisis#fdic#finance#first-citizens-bancshares#government-intervention#silicon-valley-bank
- Why First Citizens got a $16.5 billion discount for taking over Silicon Valley Bank Yahoo Finance
- First Citizens Bank's purchase of SVB assets a 'tremendous deal,' says Whalen Global's Chris Whalen CNBC Television
- FDIC says First Citizens Bank has reached deal to purchase Silicon Valley Bank Fox Business
- Concerns over investment-bank internships and analyst programs Business Insider
- U.S. stock futures edge up as bank fears ease ZAWYA
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